ACCOUNTS - Final Accounts

Registered number: 12241076

SOFL FUNDING V LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

SOFL FUNDING V LIMITED

COMPANY INFORMATION

Directors	M Childress
	J Jesani


Registered number	12241076


Registered office	Premier House
	15-19 Church Street West
	Woking
	Surrey
	GU21 6DJ


Independent auditors	Ecovis Wingrave Yeats LLP
	Chartered Accountants & Statutory Auditor
	3rd Floor, Waverley House
	7-12 Noel Street
	London
	W1F 8GQ

SOFL FUNDING V LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 4

SOFL FUNDING V LIMITED

REGISTERED NUMBER: 12241076

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Cash at bank and in hand	5	15,983		15,018
		15,983		15,018
Creditors: amounts falling due within one year	6	(69,414)		(57,145)
Net current liabilities			(53,431)		(42,127)
Net liabilities			(53,431)		(42,127)

Capital and reserves
Called up share capital	7	-	-
Profit and loss account		(53,431)	(42,127)
Shareholder's deficit		(53,431)	(42,127)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2025.

M Childress

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

SOFL FUNDING V LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

SOFL Funding V Limited is a private company, limited by shares, registered in England and Wales; registration number 12241076. The address of its registered office and its principal place of business is Premier House, 15 - 19 Church Street West, Woking, GU21 6DJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Going concern

The directors are confident that the Company has sufficient resources to meet its liabilities for at least 12 months from the date of signing this report. In addition to this, support can be obtained from the parent company, Step One Finance Limited, should the Company not have sufficient resources to meet their liabilities. As such the accounts have been prepared on a going concern basis.

2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.4

Creditors

Short term creditors are measured at the transaction price.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Management have not applied any material judgements in the preparation of these financial statements.

Page 2

SOFL FUNDING V LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £Nil).

5.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	15,983	15,018

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Amounts owed to group undertakings	58,932	44,695
Accruals and deferred income	10,482	12,450
	69,414	57,145

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

Page 3

SOFL FUNDING V LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2 (2023 - 2) Ordinary shares of £0.01 each	-	-

The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

8.	Related party transactions
	During the year, the Company collected cash receipts on behalf of a related party by virtue of common ownership. As at the year-end, £1,027 (2023 - £Nil) were due to the related party. The Company has taken advantage of exemptions from disclosing transactions with related companies under the provisions of Section 33 of Financial Reporting Standard 102.

9.	Parent undertaking and controlling party

The immediate parent undertaking is Step One Finance Limited, a company incorporated and registered in England and Wales. The smallest group, which includes the Company and for which group accounts are prepared, is Step One Finance Limited.
Copies of the group financial statements of Step One Finance Limited are available from Companies House, or from its registered address at Premier House, 15 - 19 Church Street West, Woking, GU21 6DJ.
The ultimate parent undertaking is Step One Group Limited, a company incorporated and registered in Guernsey. The largest group, which includes the Company and for which group accounts are prepared.

10.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 22 April 2025 by Jamie Mullen (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.

Page 4